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23.07.2013 13:30:00
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S&T Bancorp, Inc. Announces Second Quarter Earnings and Declares Second Quarter Dividend
INDIANA, Pa., July 23, 2013 /PRNewswire/ -- S&T Bancorp, Inc. (S&T) (NASDAQ: STBA) has announced its second quarter earnings. Net income for the second quarter of 2013 increased to $14.1 million, or $0.47 per diluted share, compared to the first quarter of 2013 net income of $12.3 million, or $0.41 per diluted share, and the second quarter of 2012 net income of $8.6 million, or $0.30 per diluted share.
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Second Quarter Highlights
- Loan growth was strong with average quarter-to-date loans increasing $61.3 million, or 1.8%, from the prior quarter.
- Net interest income increased $0.9 million and net interest margin increased 2 basis points to 3.51% from the prior quarter.
- Asset quality continued to improve with a decrease in nonperforming assets (NPAs) of $8.6 million, or 18%, from the prior quarter and $33.7 million, or 47%, from the second quarter of 2012.
- S&T declared a $0.15 per share dividend for the second quarter.
"We are pleased to report such positive results for the second quarter of 2013," said Todd Brice, president and chief executive officer of S&T. "The investments that we have made in expanding our sales teams are paying off as we are experiencing solid loan growth in both our commercial and consumer businesses as well as increases in our wealth management and retail banking revenues. The second quarter also reflects the benefit of merger synergies and expense control initiatives."
Net Interest Income
Net interest income increased $0.9 million to $34.6 million compared to $33.7 million and net interest margin on a fully taxable equivalent basis (FTE) increased 2 basis points to 3.51% compared to 3.49% in the first quarter of 2013. Net interest income and net interest margin were positively impacted by $0.4 million, or 4 basis points, due to a $0.5 million interest recovery on a previously charged-off loan partially offset by $0.1 million of expenses related to the redemption of subordinated debt during the second quarter. The remaining $0.5 million increase in net interest income was driven by an increase of $61.3 million in average loans and lower funding costs during the second quarter.
Asset Quality
Asset quality trends continue to improve. Total nonperforming loans (NPLs) were $37.9 million, or 1.10% of total loans at June 30, 2013, which represents an 18% decrease from $46.3 million, or 1.37% of total loans, at March 31, 2013. Substandard and special mention loans also decreased $20.6 million, or 7%, to $268.7 million from $289.3 million at March 31, 2013. Net charge-offs for the second quarter of 2013 were $0.9 million compared to net charge-offs of $2.9 million in the first quarter of 2013. As a result of these improved asset quality metrics, the provision for loan losses was $1.0 million in the second quarter compared to $2.3 million in the first quarter of 2013. The allowance for loan losses (ALL) remained relatively unchanged at $46.1 million, or 1.34% of total loans, compared to $45.9 million, or 1.36% of total loans, at March 31, 2013.
Noninterest Income and Expense
Noninterest income decreased $1.9 million to $12.9 million compared to $14.8 million in the first quarter of 2013. The decrease was primarily due to a $3.1 million gain on the sale of the merchant card servicing business recognized in the first quarter. Debit and credit card fees increased $0.7 million from the prior quarter due to a $0.2 million increase in debit card fees and a $0.5 million increase related to the new merchant servicing agreement. Mortgage banking income increased $0.4 million in the second quarter due to the impact of increased interest rates on the valuation of mortgage servicing rights and mortgage commitments. Wealth Management fees increased $0.2 million from the prior quarter due to increased brokerage activity and higher assets under management.
Noninterest expense decreased $3.2 million to $28.4 million compared to $31.6 million in the first quarter of 2013 due to one-time expenses and seasonal items in the first quarter as well as expense control initiatives implemented in 2013. During the first quarter of 2013, total one-time expenses of $1.1 million were recognized that included merger integration costs of $0.8 million and branch closure costs of $0.3 million. Salaries and employee benefits decreased $1.3 million in part due to higher seasonal items in the first quarter, but also due to the benefits of branch consolidations and merger synergies. The decrease in other noninterest expense of $1.2 million related to a decrease in the reserve for unfunded commitments from the prior quarter.
Financial Condition
Assets were $4.5 billion at both June 30, 2013 and March 31, 2013. Loan growth was strong during the second quarter of 2013 with an increase of $61.3 million, or 1.8%, in total portfolio loans. Commercial loans grew $44.5 million during the quarter with an increase in the commercial real estate (CRE) portfolio of $21.7 million, an increase of $20.5 million in the commercial and industrial (C&I) portfolio and an increase of $2.3 million in the commercial construction portfolio. The residential mortgage portfolio had a solid quarter with loan growth of $20.7 million. Total deposit balances remained relatively unchanged at $3.6 billion at both June 30, 2013 and March 31, 2013.
The total risk-based capital ratio decreased by 130 basis points to 14.30% at June 30, 2013 from 15.60% at March 31, 2013. The decrease was due to the repayment of $45.0 million of subordinated debt during the second quarter. Tangible common equity to tangible assets (TCE ratio) decreased 3 basis points to 8.43% at June 30, 2013 compared to 8.46% at March 31, 2013. The TCE ratio was impacted by 17 basis points due to a decline in unrealized gains in the bond portfolio resulting from the increase in interest rates during the second quarter. All capital ratios are significantly above the well-capitalized thresholds of federal bank regulatory agencies.
Dividend
The Board of Directors of S&T declared a $0.15 per share cash dividend at its regular meeting held July 22, 2013. The dividend is payable August 23, 2013 to shareholders of record on August 8, 2013. This compares to a dividend of $0.15 per share for the first quarter of 2013.
Conference Call
S&T will host its second quarter 2013 earnings conference call live over the Internet at 1:00 p.m. ET on Tuesday, July 23, 2013. To access the webcast, go to S&T's webpage at www.stbancorp.com and click on "Events & Presentations". Select "2nd Quarter 2013 Conference Call" and follow the instructions.
About S&T Bancorp, Inc.
Headquartered in Indiana, PA, S&T operates offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson, Washington and Westmoreland counties as well as a loan production office in Akron, Ohio. With assets of $4.5 billion, S&T stock trades on the NASDAQ Global Select Market System under the symbol STBA. For more information, visit www.stbancorp.com.
This information may contain forward-looking statements regarding future financial performance which are not historical facts and which involve risks and uncertainties. Actual results and performance could differ materially from those anticipated by these forward-looking statements. Factors that could cause such a difference include, but are not limited to, general economic conditions, change in interest rates, deposit flows, loan demand, and asset quality, including real estate and other collateral values and competition. In addition to the results of operations presented in accordance with Generally Accepted Accounting Principles (GAAP), S&T management uses and this press release contains or references, certain non-GAAP financial measures, such as net interest income on a fully taxable equivalent basis. S&T believes these non-GAAP financial measures provide information useful to investors in understanding our underlying operational performance and our business and performance trends as they facilitate comparisons with the performance of others in the financial services industry. Although S&T believes that these non-GAAP financial measures enhance investors' understanding of S&T's business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. A reconciliation of these non-GAAP financial measures is presented in the attached financial data spreadsheet. This information should be read in conjunction with the audited financial statements and analysis as presented in the Annual Report on Form 10-K for S&T Bancorp, Inc. and subsidiaries.
S&T Bancorp, Inc. | |||||
Consolidated Selected Financial Data | |||||
Unaudited | |||||
2013 | 2013 | 2012 | |||
Second | First | Second | |||
(in thousands, except per share data) | Quarter | Quarter | Quarter | ||
INTEREST INCOME | |||||
Loans, including fees | $35,765 | $35,045 | $36,596 | ||
Investment securities: | |||||
Taxable | 1,879 | 1,863 | 1,887 | ||
Tax-exempt | 815 | 833 | 778 | ||
Dividends | 94 | 102 | 109 | ||
Total Interest Income | 38,553 | 37,843 | 39,370 | ||
INTEREST EXPENSE | |||||
Deposits | 2,951 | 3,202 | 4,475 | ||
Borrowings and junior subordinated debt securities | 1,006 | 972 | 1,076 | ||
Total Interest Expense | 3,957 | 4,174 | 5,551 | ||
NET INTEREST INCOME | 34,596 | 33,669 | 33,819 | ||
Provision for loan losses | 1,023 | 2,307 | 7,023 | ||
Net interest income after provision for loan losses | 33,573 | 31,362 | 26,796 | ||
NONINTEREST INCOME | |||||
Securities gains, net | - | 2 | 6 | ||
Debit and credit card fees | 3,150 | 2,451 | 2,839 | ||
Wealth management fees | 2,820 | 2,576 | 2,577 | ||
Service charges on deposit accounts | 2,495 | 2,448 | 2,432 | ||
Insurance fees | 1,643 | 1,775 | 1,519 | ||
Mortgage banking | 911 | 482 | 705 | ||
Gain on sale of merchant card servicing business | - | 3,093 | - | ||
Other | 1,848 | 1,979 | 2,453 | ||
Total Noninterest Income | 12,867 | 14,806 | 12,531 | ||
NONINTEREST EXPENSE | |||||
Salaries and employee benefits | 14,725 | 16,067 | 14,641 | ||
Data processing | 2,137 | 2,664 | 2,195 | ||
Net occupancy | 1,958 | 2,169 | 1,832 | ||
Furniture and equipment | 1,230 | 1,308 | 1,209 | ||
Professional services and legal | 1,171 | 974 | 1,208 | ||
Other taxes | 915 | 999 | 777 | ||
Marketing | 793 | 689 | 655 | ||
FDIC assessment | 707 | 776 | 719 | ||
Other | 4,750 | 5,970 | 6,108 | ||
Total Noninterest Expense | 28,386 | 31,616 | 29,344 | ||
Income Before Taxes | 18,054 | 14,552 | 9,983 | ||
Provision for income taxes | 3,951 | 2,222 | 1,383 | ||
Net Income | $14,103 | $12,330 | $8,600 | ||
Per Share Data: | |||||
Shares outstanding at end of period | 29,738,305 | 29,724,721 | 28,935,689 | ||
Average shares outstanding - diluted | 29,677,876 | 29,674,406 | 28,810,754 | ||
Average shares outstanding - two-class method | 29,729,012 | 29,729,702 | 28,914,729 | ||
Diluted earnings per share(1) | $0.47 | $0.41 | $0.30 | ||
Dividends declared per share | $0.15 | $0.15 | $0.15 | ||
Dividend yield (annualized) | 3.06% | 3.24% | 3.25% | ||
Dividends paid to net income | 31.61% | 36.17% | 50.43% | ||
Book value | $18.39 | $18.32 | $17.65 | ||
Tangible book value(2) | $12.33 | $12.24 | $11.52 | ||
Market value | $19.60 | $18.54 | $18.47 | ||
Profitability Ratios (Annualized) | |||||
Return on average assets | 1.26% | 1.12% | 0.80% | ||
Return on average tangible assets(3) | 1.31% | 1.17% | 0.83% | ||
Return on average shareholders' equity | 10.36% | 9.25% | 6.80% | ||
Return on average tangible shareholders' equity(4) | 15.47% | 13.91% | 10.44% | ||
Efficiency ratio (FTE)(5) | 58.37% | 63.68% | 61.81% |
S&T Bancorp, Inc. | |||||
Consolidated Selected Financial Data | |||||
Unaudited | |||||
For the Six Months Ended June 30, | |||||
(in thousands, except per share data) | 2013 | 2012 | |||
INTEREST INCOME | |||||
Loans, including fees | $70,810 | $72,933 | |||
Investment securities: | |||||
Taxable | 3,742 | 3,831 | |||
Tax-exempt | 1,648 | 1,531 | |||
Dividends | 196 | 215 | |||
Total Interest Income | 76,396 | 78,510 | |||
INTEREST EXPENSE | |||||
Deposits | 6,153 | 9,226 | |||
Borrowings and junior subordinated debt securities | 1,978 | 2,144 | |||
Total Interest Expense | 8,131 | 11,370 | |||
NET INTEREST INCOME | 68,265 | 67,140 | |||
Provision for loan losses | 3,330 | 16,296 | |||
Net interest income after provision for loan losses | 64,935 | 50,844 | |||
NONINTEREST INCOME | |||||
Securities gains, net | 2 | 846 | |||
Debit and credit card fees | 5,601 | 5,506 | |||
Wealth management fees | 5,396 | 4,996 | |||
Service charges on deposit accounts | 4,943 | 4,841 | |||
Insurance fees | 3,418 | 3,210 | |||
Mortgage banking | 1,393 | 1,376 | |||
Gain on sale of merchant card servicing business | 3,093 | - | |||
Other | 3,827 | 4,826 | |||
Total Noninterest Income | 27,673 | 25,601 | |||
NONINTEREST EXPENSE | |||||
Salaries and employee benefits | 30,792 | 31,113 | |||
Data processing | 4,801 | 5,436 | |||
Net occupancy | 4,127 | 3,616 | |||
Furniture and equipment | 2,538 | 2,447 | |||
Professional services and legal | 2,145 | 3,108 | |||
Other taxes | 1,914 | 1,551 | |||
Marketing | 1,482 | 1,397 | |||
FDIC assessment | 1,483 | 1,327 | |||
Other | 10,720 | 12,132 | |||
Total Noninterest Expense | 60,002 | 62,127 | |||
Income Before Taxes | 32,606 | 14,318 | |||
Provision for income taxes | 6,173 | 2,238 | |||
Net Income | $26,433 | $12,080 | |||
Per Share Data: | |||||
Average shares outstanding - diluted | 29,679,144 | 28,515,803 | |||
Average shares outstanding - two-class method | 29,729,355 | 28,615,517 | |||
Diluted earnings per share(1) | $0.89 | $0.42 | |||
Dividends declared per share | $0.30 | $0.30 | |||
Dividends paid to net income | 33.74% | 70.83% | |||
Profitability Ratios (Annualized) | |||||
Return on average assets | 1.19% | 0.57% | |||
Return on average tangible assets(3) | 1.24% | 0.60% | |||
Return on average shareholders' equity | 9.81% | 4.83% | |||
Return on average tangible shareholders' equity(4) | 14.70% | 7.41% | |||
Efficiency ratio (FTE)(5) | 61.05% | 65.99% | |||
S&T Bancorp, Inc. | |||||
Consolidated Selected Financial Data | |||||
Unaudited | |||||
(in thousands) | |||||
2013 | 2013 | 2012 | |||
Second | First | Second | |||
Quarter | Quarter | Quarter | |||
ASSETS | |||||
Cash and due from banks, including interest-bearing deposits | $247,432 | $261,124 | $403,244 | ||
Securities available-for-sale, at fair value | 479,821 | 469,418 | 368,486 | ||
Loans held for sale | 3,185 | 2,580 | 2,275 | ||
Consumer loans: | |||||
Residential mortgage | 463,446 | 442,705 | 398,412 | ||
Home equity | 413,585 | 416,524 | 434,329 | ||
Installment and other consumer | 67,983 | 68,773 | 78,768 | ||
Construction | 2,807 | 3,105 | 2,208 | ||
Total consumer loans | 947,821 | 931,107 | 913,717 | ||
Commercial loans: | |||||
Commercial real estate | 1,501,491 | 1,479,796 | 1,401,751 | ||
Commercial and industrial | 826,696 | 806,205 | 717,107 | ||
Construction | 167,225 | 164,874 | 162,872 | ||
Total commercial loans | 2,495,412 | 2,450,875 | 2,281,730 | ||
Total portfolio loans | 3,443,233 | 3,381,982 | 3,195,447 | ||
Allowance for loan losses | (46,105) | (45,936) | (46,689) | ||
Total portfolio loans, net | 3,397,128 | 3,336,046 | 3,148,758 | ||
Goodwill | 175,820 | 175,820 | 171,457 | ||
Other assets | 225,373 | 234,875 | 253,172 | ||
Total Assets | $4,528,759 | $4,479,863 | $4,347,392 | ||
LIABILITIES | |||||
Deposits: | |||||
Noninterest-bearing demand | $947,747 | $951,050 | $887,442 | ||
Interest-bearing demand | 297,028 | 304,667 | 314,519 | ||
Money market | 329,065 | 326,489 | 305,523 | ||
Savings | 1,003,705 | 993,472 | 911,963 | ||
Certificates of deposit | 1,071,083 | 1,062,886 | 1,098,526 | ||
Total Deposits | 3,648,628 | 3,638,564 | 3,517,973 | ||
Securities sold under repurchase agreements | 74,151 | 64,358 | 46,740 | ||
Short-term borrowings | 125,000 | 50,000 | 75,000 | ||
Long-term borrowings | 22,965 | 23,535 | 35,218 | ||
Junior subordinated debt securities | 45,619 | 90,619 | 90,619 | ||
Other liabilities | 65,544 | 68,173 | 71,266 | ||
Total Liabilities | 3,981,907 | 3,935,249 | 3,836,816 | ||
SHAREHOLDERS' EQUITY | |||||
Total Shareholders' Equity | 546,852 | 544,614 | 510,576 | ||
Total Liabilities and Shareholders' Equity | $4,528,759 | $4,479,863 | $4,347,392 | ||
Capitalization Ratios | |||||
Shareholders' equity / assets | 12.08% | 12.16% | 11.74% | ||
Tangible common equity / tangible assets(6) | 8.43% | 8.46% | 7.99% | ||
Tier 1 leverage ratio | 9.54% | 9.42% | 8.94% | ||
Risk-based capital - tier 1 | 12.28% | 12.20% | 11.82% | ||
Risk-based capital - total | 14.30% | 15.60% | 15.33% |
S&T Bancorp, Inc. | ||||||
Consolidated Selected Financial Data | ||||||
Unaudited | ||||||
(in thousands) | 2013 | 2013 | 2012 | |||
Second | First | Second | ||||
Net Interest Margin (FTE) (QTD Averages)(7) | Quarter | Quarter | Quarter | |||
ASSETS | ||||||
Loans | $3,419,393 | 4.28% | $3,358,099 | 4.32% | $3,203,349 | 4.67% |
Taxable investment securities | 365,799 | 2.04% | 353,390 | 2.11% | 277,677 | 2.66% |
Tax-exempt investment securities | 106,194 | 4.73% | 110,438 | 4.64% | 90,625 | 5.28% |
Federal Home Loan Bank and other restricted stock | 12,420 | 0.31% | 14,420 | 0.52% | 19,003 | 0.10% |
Interest-bearing deposits with banks | 186,265 | 0.28% | 210,628 | 0.23% | 330,647 | 0.22% |
Total Interest-earning Assets | 4,090,071 | 3.89% | 4,046,975 | 3.91% | 3,921,301 | 4.14% |
Noninterest-earning assets | 400,592 | 401,396 | 404,124 | |||
Total Assets | $4,490,663 | $4,448,371 | $4,325,425 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Interest-bearing demand | $303,461 | 0.02% | $310,161 | 0.02% | $303,535 | 0.07% |
Money market | 327,733 | 0.14% | 338,246 | 0.15% | 297,555 | 0.18% |
Savings | 1,001,258 | 0.18% | 973,822 | 0.21% | 888,434 | 0.28% |
Certificates of deposit | 1,047,868 | 0.91% | 1,043,147 | 1.00% | 1,146,931 | 1.28% |
Securities sold under repurchase agreements | 67,461 | 0.13% | 63,338 | 0.17% | 50,353 | 0.16% |
Short-term borrowings | 71,429 | 0.25% | 61,111 | 0.22% | 71,154 | 0.26% |
Long-term borrowings | 23,196 | 3.05% | 29,485 | 3.18% | 34,534 | 3.25% |
Junior subordinated debt securities | 82,817 | 3.70% | 90,619 | 3.05% | 90,619 | 3.23% |
Total Interest-bearing Liabilities | 2,925,223 | 0.54% | 2,909,929 | 0.58% | 2,883,115 | 0.77% |
Noninterest-bearing demand | 946,862 | 925,301 | 864,437 | |||
Other liabilities | 72,370 | 72,714 | 69,167 | |||
Shareholders' equity | 546,208 | 540,427 | 508,706 | |||
Total Liabilities and Shareholders' Equity | $4,490,663 | $4,448,371 | $4,325,425 | |||
Net Yield on Interest-earning Assets | 3.51% | 3.49% | 3.57% | |||
For the Six Months Ended June 30, | ||||||
Net Interest Margin (FTE) (YTD Averages)(7) | 2013 | 2012 | ||||
ASSETS | ||||||
Loans | $3,388,915 | 4.30% | $3,169,433 | 4.70% | ||
Taxable investment securities | 359,622 | 2.07% | 276,360 | 2.76% | ||
Tax-exempt investment securities | 108,310 | 4.68% | 89,057 | 5.29% | ||
Federal Home Loan Bank and other restricted stock | 13,415 | 0.42% | 19,011 | 0.15% | ||
Interest-bearing deposits with banks | 198,379 | 0.25% | 280,944 | 0.21% | ||
Total Interest-earning Assets | 4,068,641 | 3.90% | 3,834,805 | 4.22% | ||
Noninterest-earning assets | 400,901 | 399,850 | ||||
Total Assets | $4,469,542 | $4,234,655 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Interest-bearing demand | $306,792 | 0.02% | $298,261 | 0.06% | ||
Money market | 332,961 | 0.14% | 288,086 | 0.17% | ||
Savings | 987,616 | 0.19% | 859,339 | 0.25% | ||
Certificates of deposit | 1,045,521 | 0.95% | 1,139,809 | 1.37% | ||
Securities sold under repurchase agreements | 65,411 | 0.15% | 43,983 | 0.15% | ||
Short-term borrowings | 66,298 | 0.24% | 73,242 | 0.25% | ||
Long-term borrowings | 26,323 | 3.12% | 33,065 | 3.34% | ||
Junior subordinated debt securities | 86,696 | 3.36% | 90,619 | 3.25% | ||
Total Interest-bearing Liabilities | 2,917,618 | 0.56% | 2,826,404 | 0.81% | ||
Noninterest-bearing demand | 936,141 | 836,950 | ||||
Other liabilities | 72,450 | 68,496 | ||||
Shareholders' equity | 543,333 | 502,805 | ||||
Total Liabilities and Shareholders' Equity | $4,469,542 | $4,234,655 | ||||
Net Yield on Interest-earning Assets | 3.50% | 3.63% | ||||
S&T Bancorp, Inc. | ||||||
Consolidated Selected Financial Data | ||||||
Unaudited | ||||||
(in thousands) | ||||||
2013 | 2013 | 2012 | ||||
Second | First | Second | ||||
Quarter | Quarter | Quarter | ||||
Nonaccrual Loans (NPL) | ||||||
Consumer loans: | % NPL | % NPL | % NPL | |||
Residential mortgage | $3,465 | 0.75% | $5,643 | 1.27% | $8,964 | 2.25% |
Home equity | 3,674 | 0.89% | 4,022 | 0.97% | 3,397 | 0.78% |
Installment and other consumer | 33 | 0.05% | 21 | 0.03% | 41 | 0.05% |
Construction | - | 0.00% | 218 | 7.02% | 399 | 18.07% |
Total Nonaccrual Consumer Loans | 7,172 | 0.76% | 9,904 | 1.06% | 12,801 | 1.40% |
Commercial loans: | ||||||
Commercial real estate | 20,732 | 1.38% | 25,836 | 1.75% | 35,916 | 2.56% |
Commercial and industrial | 5,204 | 0.63% | 5,380 | 0.67% | 6,750 | 0.94% |
Construction | 4,775 | 2.86% | 5,170 | 3.14% | 13,646 | 8.38% |
Total Nonaccrual Commercial Loans | 30,711 | 1.23% | 36,386 | 1.48% | 56,312 | 2.47% |
Total Nonaccrual Loans | $37,883 | 1.10% | $46,290 | 1.37% | $69,113 | 2.16% |
2013 | 2013 | 2012 | ||||
Second | First | Second | ||||
Quarter | Quarter | Quarter | ||||
Asset Quality Data | ||||||
Nonaccrual loans | $37,883 | $46,290 | $69,113 | |||
Assets acquired through foreclosure or repossession | 408 | 627 | 2,920 | |||
Nonperforming assets | 38,291 | 46,917 | 72,033 | |||
Troubled debt restructurings (nonaccruing) | 16,064 | 14,776 | 25,246 | |||
Troubled debt restructurings (accruing) | 40,940 | 41,423 | 37,540 | |||
Total troubled debt restructurings | 57,004 | 56,199 | 62,786 | |||
Nonaccrual loans / loans | 1.10% | 1.37% | 2.16% | |||
Nonperforming assets / loans plus OREO | 1.11% | 1.39% | 2.25% | |||
Allowance for loan losses / loans | 1.34% | 1.36% | 1.46% | |||
Allowance for loan losses / nonaccrual loans | 122% | 99% | 68% | |||
Net loan charge-offs | 854 | 2,855 | 8,162 | |||
Net loan charge-offs (annualized) / average loans | 0.10% | 0.34% | 1.02% | |||
For the Six Months Ended June 30, | ||||||
2013 | 2012 | |||||
Asset Quality Data | ||||||
Net loan charge-offs | 3,708 | 18,448 | ||||
Net loan charge-offs (annualized) / average loans | 0.22% | 1.17% | ||||
S&T Bancorp, Inc. | ||||||
Consolidated Selected Financial Data | ||||||
Unaudited | ||||||
2013 | 2013 | 2012 | ||||
Second | First | Second | ||||
Quarter | Quarter | Quarter | ||||
Definitions and Reconciliation of GAAP to | ||||||
Non-GAAP Financial Measures: | ||||||
(1) | Diluted earnings per share under the two-class method is determined on the net income reported on the income statement less earnings allocated to participating securities. | |||||
(2) | Tangible Book Value | |||||
Book value (GAAP basis) | $18.39 | $18.32 | $17.65 | |||
Effect of excluding intangible assets | (6.06) | (6.08) | (6.13) | |||
Tangible book value | $12.33 | $12.24 | $11.52 | |||
(3) | Return on Average Tangible Assets | |||||
Return on average assets (GAAP basis) | 1.26% | 1.12% | 0.80% | |||
Effect of excluding intangible assets | 0.05% | 0.05% | 0.03% | |||
Return on average tangible assets | 1.31% | 1.17% | 0.83% | |||
(4) | Return on Average Tangible Shareholders' Equity | |||||
Return on average shareholders' equity (GAAP basis) | 10.36% | 9.25% | 6.80% | |||
Effect of excluding intangible assets | 5.11% | 4.66% | 3.64% | |||
Return on average tangible shareholders' equity | 15.47% | 13.91% | 10.44% | |||
(5) | Noninterest expense divided by noninterest income plus net interest income, on a fully taxable equivalent (FTE) basis. | |||||
(6) | Tangible Common Equity / Tangible Assets | |||||
Shareholders' equity / assets(GAAP basis) | 12.08% | 12.16% | 11.74% | |||
Effect of excluding intangible assets | (3.65)% | (3.70)% | (3.75)% | |||
Tangible common equity / tangible assets | 8.43% | 8.46% | 7.99% | |||
(7) | Net Interest Income Rate (FTE) | |||||
Net interest income (annualized) rate (GAAP basis) | 3.78% | 3.79% | 4.02% | |||
Taxable equivalent adjustment | 0.11% | 0.12% | 0.12% | |||
Net Interest Income Rate (FTE) | 3.89% | 3.91% | 4.14% | |||
Net Interest Margin Rate (FTE) | ||||||
Net interest margin rate (GAAP basis) | 3.40% | 3.37% | 3.45% | |||
Taxable equivalent adjustment | 0.11% | 0.12% | 0.12% | |||
Net Interest Margin Rate (FTE) | 3.51% | 3.49% | 3.57% | |||
For the Six Months Ended June 30, | ||||||
2013 | 2012 | |||||
(3) | Return on Average Tangible Assets | |||||
Return on average assets (GAAP basis) | 1.19% | 0.57% | ||||
Effect of excluding intangible assets | 0.05% | 0.03% | ||||
Return on average tangible assets | 1.24% | 0.60% | ||||
(4) | Return on Average Tangible Shareholders' Equity | |||||
Return on average shareholders' equity (GAAP basis) | 9.81% | 4.83% | ||||
Effect of excluding intangible assets | 4.89% | 2.58% | ||||
Return on average tangible shareholders' equity | 14.70% | 7.41% | ||||
(7) | Net Interest Income Rate (FTE) | |||||
Net interest income (annualized) rate (GAAP basis) | 3.78% | 4.10% | ||||
Taxable equivalent adjustment | 0.12% | 0.12% | ||||
Net Interest Income Rate (FTE) | 3.90% | 4.22% | ||||
Net Interest Margin Rate (FTE) | ||||||
Net interest margin rate (GAAP basis) | 3.38% | 3.51% | ||||
Taxable equivalent adjustment | 0.12% | 0.12% | ||||
Net Interest Margin Rate (FTE) | 3.50% | 3.63% | ||||
SOURCE S&T Bancorp, Inc.
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